Altria Group Inc. (NYSE:MO) shares have reached a 52-week high, touching $54.57, signaling a robust performance over the past year. The company, known for its influential presence in the tobacco industry, has seen its stock price soar, reflecting a significant 1-year change with an impressive 22.64% increase. This milestone underscores investor confidence and the company's resilience in a challenging market environment. The ascent to this 52-week high represents a key indicator of Altria Group's market momentum and its potential for sustained growth moving forward.
In other recent news, Altria Group, Inc. has been involved in notable developments. The company reported a stable adjusted diluted earnings per share (EPS) for the second quarter of 2024, despite a slight decline for the first half of the year. Altria also adjusted its full-year 2024 guidance for adjusted diluted EPS to a range of $5.07 to $5.15.
In terms of dividends, Altria increased its quarterly dividend by 4.1% to $1.02 per share, demonstrating its commitment to enhancing shareholder value. This move is part of Altria's strategy to grow the dividend per share by mid-single digits annually through 2028.
Stifel reaffirmed its Buy rating for Altria, citing the company's strong dividend payments, effective free cash flow generation, share repurchase programs, and steady EPS growth outlook as key factors.
In a legal development, Altria and its e-vapor subsidiary NJOY are challenging a preliminary decision by a U.S. International Trade Commission (ITC) Administrative Law Judge that supports allegations by JUUL Labs, Inc. that NJOY infringed on its patents.
Finally, Altria has expanded its smoke-free portfolio with new products such as on! PLUS, showing growth and market share gains despite challenges from the illicit e-vapor market. These are the recent developments in Altria Group's business activities.
InvestingPro Insights
Altria Group Inc. (MO) has demonstrated a noteworthy performance, as evidenced by its recent 52-week high. Supporting this positive trajectory, InvestingPro data highlights a strong gross profit margin of 69.56% over the last twelve months as of Q2 2024, showcasing the company's efficiency in managing its cost of goods sold. Additionally, the company boasts an attractive dividend yield of 7.55%, significantly rewarding its shareholders. Moreover, Altria Group's stock has experienced a substantial 6-month price total return of 42.17%, further reflecting the stock's robust appreciation in investor portfolios.
Complementing these data points, two InvestingPro Tips provide deeper insights into Altria Group's financial health. Firstly, the company has a perfect Piotroski Score of 9, indicating a very strong financial position. Secondly, Altria Group has maintained dividend payments for an impressive 54 consecutive years, reinforcing its commitment to shareholder returns. These factors, combined with management's aggressive share buyback strategy, paint a picture of a company that is not only performing well but is also focused on creating shareholder value.
For investors seeking more comprehensive analysis and additional InvestingPro Tips, there are 19 more tips available, which can be accessed to further inform investment decisions regarding Altria Group Inc. at https://www.investing.com/pro/MO.
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